As the deviation of the first in the history of the application for a Bitcoin ETF helped Scripturally?

Known in the cryptocurrency community prop Willie Woo has published in the social network graph that shows the volatility of Bitcoin over the past 2.5 years — that is, the variability of its course. According to the time of rejection of the application for a BitcoinETF from the twins-billionaires Winklevosses became a turning point for the industry. We will remind, the Commission on securities and exchange Commission has not approved the application on March 10, 2017.

The expert believes that even failure — which in fact can be considered as a defeat — helped the world learn more about the first cryptocurrency.

I have always said that the attempt to ETFs from Winklevosses in 2017 were the first in the history of Bitcoin, when bitcoin started to be treated as a financial instrument, not money to buy drugs. Even wrote about this in the Wall Street Journal. In the sector made “smart money” cryptocurrency funds.

Here’s a chart of the volatility of Bitcoin. Departure date ETF indicated by the green rectangle. After that, the variability of the value of cryptocurrency fell.

The volatility of Bitcoin before and after the first cryptocurrency ETF. Source: Twitter Willie Wu

Use ETF for Bitcoin

According to Wu, the rejection of the ETF provoked the final reversal of the reduction in the volatility of Bitcoin, which was inherent even in 2012. Subsequently, the difference in price has slightly increased, but not to the extent as during the year. All subsequent refusals on applications for ETFs has had such an influence on the price as in March 2017.

Source: 2Биткоина

Read on: Why ETF Bitcoin has no value? The developer of the cryptocurrency.

Changes in prices are still attracted a lot of attention — especially from market participants who seek to engage in cryptoprotection new investments. Earlier this year, the CEO of cryptocurrency exchange Coinbase Brian Armstrong stressed the need to reduce dependence on the volatility through the use of tools such as, for example, stabilini.

That is, the logic is as follows: the Commission on securities and exchange Commission has not approved the launch of an ETF on Bitcoin in early 2017. On the background of this news the course is the first cryptocurrency has dropped from 1350 to 980 dollars, but about it, including said major media. As a result, the popularity of the coins began to change its reputation and at the same time to attract a new niche of people. The situation has ended with a new course record of BTC in December 2017, which is still not beaten.

Changes in the prices of Bitcoin, you can follow our class ranking cryptocurrency. And in our cryptodata traders you will find other useful information.

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